Renovated 46-Unit Apartment
For Sale
$8,490,000
201 Park Ave, Albany, NY 12202
Business Opportunity, Albany, NY
Property Size65,000 SF
Lot Size1.96 Acres
Price / SF$130.62
Days on Market102
Property Features for 201 Park Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Capitol Hill
Directions
Park Ave Albany
Standard status
Active
Size
65,000 SF
Lot size
1.96 Acres
Taxes and HOA fees
Tax Annual Amount
104210
Building Details
Year built
1880
Listing Agency:
REALTY ONE GROUP KEY
Listed By:
Leah Witko · License #10401256547
(518) 630-0360
Added: Jul 21
Changed: Oct 13
Last Checked: Oct 30 at 6:06AM
MLS# 11896413
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 46-unit apartment property occupies a 65,000-square-foot historic building originally constructed in 1880 as the Hinckel Brewery. A 2023 renovation introduced updated kitchens and bathrooms, stainless steel appliances, in-unit washers and dryers, new flooring, modern lighting, and contemporary interior finishes. The apartment mix includes one-, two-, and three-bedroom residences with varied layouts and retained architectural character.
The property is located at 201 Park Ave in Albany, New York, on a 1.96-acre site. Its redevelopment combines the scale of a multifamily asset with the distinctive identity of a former brewery building, while the completed improvements provide consistent modern features throughout the residential units.
The property is located at 201 Park Ave in Albany, New York, on a 1.96-acre site. Its redevelopment combines the scale of a multifamily asset with the distinctive identity of a former brewery building, while the completed improvements provide consistent modern features throughout the residential units.
Key Highlights
- 46‑unit apartment property in a historic building
- 65,000 square feet on a 1.96‑acre site
- Renovations completed in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$663,963
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,279,260
$13.3M
Cap Rate 7%
$9,485,186
$9.5M
Cap Rate 9%
$7,377,367
$7.4M
Market Conditions
NOI Build-Up for 65,000 SF
Gross rent
$1.29M $19.80/SF
− Vacancy
−$79.8K −$1.23/SF
EGI
$1.21M $18.57/SF
− OpEx
−$543.2K −$8.36/SF
NOI
$664.0K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,279,260
Cap Rate 7%
$9,485,186
Cap Rate 9%
$7,377,367
Alternative Uses
Best Use
Apartment 5plus
$9.49M
$8.30M – $11.07M
NOI $663,963 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.15M
$15.01M – $20.01M
NOI $1,200,420 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
46
Residential units
Location Intelligence
Trade Area within ½ mile
3,883
Businesses Nearby
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Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic character meets updated kitchens, baths, appliances, and in-unit laundry across varied apartment layouts.
Where is this apartment building located?
The property is located at 201 Park Ave Albany, NY.
What is the asking price?
The asking price for this property is $8,490,000.
What are key features of this property?
This property features: 46‑unit apartment property in a historic building; 65,000 square feet on a 1.96‑acre site; Renovations completed in 2023
